1. Q4 2012 and 2013 targets TELUS investor conference call February 15, 2013 Darren Entwistle President & Chief Executive Officer Joe Natale EVP & Chief Commercial Officer John Gossling EVP & Chief Financial Officer

2. TELUS Forward Looking Statement Today's presentation and answers to questions contain statements about future events and financial and operating performance of TELUS that are forward-looking. By their nature, forward-looking statements require the Company to make assumptions and predictions and are subject to inherent risks and uncertainties. There is significant risk that the forward-looking statements will not prove to be accurate. Readers are cautioned not to place undue reliance on forward-looking statements as a number of factors could cause actual future performance and events to differ materially from that expressed in the forward-looking statements. Accordingly, our comments are subject to the disclaimer and qualified by the assumptions (including assumptions for 2013 annual targets, semi-annual dividend increases to 2013 and CEO three- year goals to 2013 for EPS and free cash flow growth to 2013 excluding spectrum costs), qualifications and risk factors referred to in the fourth quarter Management review of operations and Management’s discussion and analysis in the other 2012 quarterly reports and 2011 annual report, and in other TELUS public disclosure documents and filings with securities commissions in Canada (on SEDAR at sedar.com) and in the United States (on EDGAR at sec.gov). In addition, there can be no assurance that the Company will initiate a normal course issuer bid. Except as required by law, TELUS disclaims any intention or obligation to update or revise forward-looking statements, and reserves the right to change, at any time at its sole discretion, its current practice of updating annual targets and guidance. See Key Assumptions and Forward Looking Statements in TELUS’ fourth quarter 2012 and 2013 Targets news release dated February 15, 2013. 2

3. 3 Agenda  CEO Introduction and 2013 corporate priorities  Q4 operational highlights  Q4 financial results  2013 targets and key assumptions  Questions and Answers

4. 4 CEO Introduction  Successfully completed share exchange – thank you!  Reporting strong Q4 and 2012 results  Building on momentum – 2013 targets  Updating investors on dividend growth model and share repurchase intentions at May annual meeting

5. TELUS 2013 corporate priorities 5 1.Delivering on TELUS’ Future Friendly brand promise by putting Customers First 2.Further strengthening our operational efficiency and effectiveness, thereby fuelling our capacity to invest for future growth 3.Continuing to foster our culture for sustained competitive advantage 4.Increasing our competitive advantage through technology leadership across cohesive broadband networks, Internet Data Centres, information technology and client applications 5.Driving TELUS’ leadership position in its chosen business and public sector markets through an intense focus on high-quality execution and economics 6.Elevating TELUS’ leadership position in healthcare information by leveraging technology to deliver better health outcomes for Canadians

6. History of operational efficiency 2002-2012 $1.6B $1.2B Cumulative one-time restructuring costs 2002-2012 Cumulative ongoing annual EBITDA savings Year Restructuring Costs ($M) 2002570 200328 200453 200554 200668 200720 200859 2009190 201074 201135 201248 Total1,199 EBITDA savings used to offset dilution of strategic initiatives 6

7. Ongoing earnings enhancement program 7  Improvements in annual EBITDA of $250 million by 2015  Targeting wireline and wireless EBITDA improvement  Program reflected in 2013 consolidated and segmented targets  Increasing restructuring costs for 2013 to $75M ($48M in 2012)  Targeting 2013 wireline EBITDA growth of 0-6% vs (5.5)% in 2012 (pre IAS 19) Efficiency continues to fuel our growth and financial performance

8. Healthy postpaid net additions Postpaid net adds (000s) Q4-11 148 123 Q4-12 8 20112012 425 414 20122011 Total subscriber base (000s) Driving 4.5% increase in total subscriber base in 2012 4.5% 7,670 7,340 415 2010Q4-10 109 6,971 2010

9. Q4-10Q4-11Q4-12 5.7 6.1 6.5 Postpaid subscribers (millions) Smartphone % of postpaid $59.08 $60.95 Q4-10Q4-11Q4-12 $58.48 33% 53% 66% 42.47 16.01 37.43 21.65 35.66 25.29 9 Smartphone base up 34% y/y to 4.3 million supporting strong ARPU growth of 3.2% in Q4 2012 Strong smartphone adoption and ARPU growth Voice ARPU Data ARPU

10. Industry leading churn 1.67% Q4-11 Best 4 th quarter churn rates in 6 years 10 1.51% Q4-12 BlendedPostpaid 1.23% Q4-11 1.12% Q4-12 Q4-10 1.72% 1.33%

11. Industry leading lifetime revenue per susbcriber 1 14% Q4-11Q4-12 $4,036 $3,538 Industry leading ARPU and churn generating leading lifetime revenue per subscriber 11 1 Lifetime revenue derived by dividing ARPU by blended churn rate Q4-10 $3,400

12. Strong TV and Internet subscriber growth continues 2012 2011 TELUS focused on balancing subscriber growth with profitability 678 509 33% TELUS TV (000s)High-speed Internet (000s) 1,326 1,242 6.8% 12 2010 314 2010 1,167

13. Q4 2012 wireless financial results ($M)Q4-12% change Revenue (external)1,5337.7% EBITDA 1 56914% EBITDA margin (network revenue) 41.3%2.1 pts Capex19114% EBITDA less capex37814% 13 TELUS continues to deliver very strong wireless results 1 For definition, see Section 7.1 in the 2012 fourth quarter Management’s review of operations

14. Wireless data revenue ($M) Q4-11 466 Q4-12 570 326 Q4-10 14 Robust Q4 data revenue growth of 22% year-over-year 2012 data now 41% of wireless network revenue up 7 points

15. Q4 2012 wireline financial results ($M)Q4-12% change Revenue (external)1,3184.1% EBITDA3781.1% EBITDA margins (total revenue) 27.8%(0.8) pts Capex330(4.1)% EBITDA less capex4860% 15 EBITDA growth reflects strong revenue growth and improved Optik TV and high-speed Internet margins

16. Wireline data revenue ($M) Q4-11 680 Q4-12 770 591 Q4-10 16 Strong Q4 data revenue growth of 13% year-over-year 2012 data now 57% of external revenue up 5 points

17. Q4 2012 consolidated financial results ($M, except EPS)Q4-12% change Revenue (external)2,8516.0% EBITDA9478.4% EPS (basic)0.8917% Capex5211.8% EBITDA less capex42618% Free cash flow 1 26329% 17 Consolidated results driven by both wireless and wireline Strong free cash flow growth of 29% 1 For definition, see Section 7.2 in the 2012 fourth quarter Management’s review of operations

18. EPS continuity analysis Higher Normalized EBITDA 2 Higher Pension, Restructure & Other Depreciation & Amortization Q4-12 reported 1 Q4-11 reported 1 1 EPS for both Q4/11 and Q4/12 included favourable income tax-related adjustments of three cents per share. 2 Normalized EBITDA excludes pension and restructuring costs. 18 0.76 0.18 (0.04) 0.89 EPS up 17% driven by strong EBITDA growth 0.01

19. 2012 guidance scorecard – for discussion 19 Met or exceeded seven of eight targets set in December 2011 ($M, except EPS) 2012 actuals Met original targets Consolidated external revenue10,921 Wireless revenue5,845 Wireline revenue5,076 Consolidated EBITDA3,972 Wireless EBITDA2,467 Wireline EBITDA1,505 EPS4.05 Capital expenditures1,981 

20. 2013 targets and assumptions See forward-looking statement in TELUS fourth quarter 2012 and 2013 targets news release

21. Application of accounting standard IAS 19 Employee Benefits 21 Accounting change has no impact to free cash flow ($M, except EPS) 2012 Reported Effect of applying IAS 19, Employee Benefits 2012 Adjusted Wireline EBITDA1,505(104)1,401 Wireless EBITDA2,467(9)2,458 Earnings per share 1 4.05(0.36)3.69 Dividend payout ratio64%7 pts71% Free cash flow1,331No impact1,331 1 EPS impact inclusive of an additional $42 million in financing costs or $(0.10) per share

22. Dividend payout ratio guideline revised  Dividend payout ratio guideline raised 10 pts to a range of 65 to 75% of sustainable net earnings on a prospective basis  Change reflects application of amended accounting standard IAS 19 Employee Benefits TELUS committed to returning cash to shareholders through sustainable dividend growth model 20082009 2012 794 22 20102011 715 642 601 584 Dividends paid to shareholders ($M)

23. 2013 segmented targets 1 (after IAS 19 2 ) Wireless ($B)2013 targetsTargeted change Revenue (external)$6.2 to 6.36 to 8% EBITDA$2.575 to 2.6755 to 9% Wireline ($B) Revenue (external)$5.2 to 5.32 to 4% EBITDA$1.375 to 1.475(2) to 5% 23 1 See forward looking statement caution and assumptions in Section 1.5 of Q4-12 management review of operations 2 2013 targets and growth rates are presented including application of the amended accounting standard IAS 19 Employee Benefits (2011). Targets build on strong results achieved in 2012  Wireline EBITDA growth of flat to 6% prior to applying new IAS-19

24. $B, except EPS2013 targetsTargeted change Revenue (external)$11.4 to 11.6 4 to 6% EBITDA$3.95 to 4.15 2 to 8% EPS$3.80 to 4.20 3 to 14% Capital expendituresApprox $1.95 24 Targets demonstrate benefits of ongoing network and service-related investments, combined with customer-focused operational execution 2013 consolidated targets 1 (after IAS 19 2 ) 1 See forward looking statement caution and assumptions in Section 1.5 of Q4-12 management review of operations 2 2013 targets and growth rates are presented including application of the amended accounting standard IAS 19 Employee Benefits (2011).

25. Other notable 2013 assumptions 1  Pension accounting discount rate of 3.9%  Defined benefit pension expense of approx $160 million (approx $110M in operating expenses and $50 million in financing costs)  Defined benefit pension plan cash funding of $195 million  Restructuring costs of approx $75 million  Cash taxes in the range of $390 to $440 million  Statutory income tax rate of 25 to 26%  Net cash financing costs of approximately $350 million Key assumptions and sensitivities listed in section 1.5 in Q4 Management’s review of operations 25 1 See forward looking statement caution and assumptions in Section 1.5 of Q4-12 management review of operations

26.  Consolidated revenue and EBITDA growth driven by both wireless and wireline  EPS growth driven by higher EBITDA  Capex similar to previous year  Strong free cash flow supports dividend growth model 2013 targets summary Targets build on strong results achieved in wireless and wireline, and benefits of ongoing major strategic network investments 26

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28. Net cash interest payment EBITDA Capex Net cash tax payment 1 Cash pension contribution (net of pension expense in EBITDA) 2 Free Cash Flow (before dividends and spectrum) Appendix – 2013 free cash flow calculation ($M) 1 Midpoint used to calculate FCF range 2 Cash pension contribution of $195 million less $110 million pension expense in EBITDA ~(350) 2013 $3,950 to 4,150 ~(1,950) (390) to (440) ~(85) 1,150 to 1,350 Free Cash Flow (before dividends, spectrum and pension contributions) 1,235 to 1,435 28 Simple Cash flow 2,000 to 2,200

29. Appendix – Q4 2012 free cash flow comparison 2012 Q4 2011 Q4 C$ millions EBITDA 874947 Capex (512)(521) Net Employee Defined Benefit Plans Expense (Recovery)(8)(3) Employer Contributions to Employee Defined Benefit Plans(35)(28) Interest expense paid, net(109)(108) Income taxes refunded (paid), net9(13) Share-based compensation (20) Restructuring costs net of cash payments 6 9 Free Cash Flow 263 (179)(199) Dividends Working Capital and Other 21 (65) Funds Available for debt redemption 20(5) Net Issuance (Repayment) of debt (30) 75 Increase in cash (10)70 Cash payments for acquisitions and related investments (31) 204 (5) Deduct Transactel gain (1) Common and non-voting shares issued 51